Vaccines Market - By Age Group (Pediatric, Adult), By Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus, COVID-19), By Technology & Forecast, 2022-2028
Report ID: GMI2186
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Published Date: April 2022
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Report Format: PDF
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Base Year: 2021
Companies covered: 13
Tables & Figures: 228
Countries covered: 21
Pages: 200
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Vaccines Market
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Vaccines Market Size
Vaccines Market size exceeded USD 138.7 billion in 2021 and will grow momentously at 5.6% CAGR during the forecast period. Increasing prevalence of viral infectious diseases are one of the major threats affecting large population across the globe. The higher incidence rate of hepatitis and human papilloma virus that can lead to severe health conditions in case of improper diagnosis will drive the demand for preventive vaccination, thereby stimulating the global market growth.
As per the World Health Organization, nearly 1.5 million individuals are estimated to be affected with Hepatitis C viral infection every year globally. Thus, the availability of effective preventive vaccines offering immunity against these diseases will offer unprecedented growth opportunities for the market expansion in the forthcoming years.
The increasing understanding of emerging diseases has led to the development of numerous vaccines during the past years. The availability of efficient vaccines for influenza, DTP, as well as pancreatic cancer has driven the market growth. Furthermore, advancements in the technology helped to achieve milestones in the vaccine development including avian flu vaccine, nasal flu vaccine, therapeutic cancer vaccine and egg-free vaccine among others. Along with development and disease prevalence, the immunization programs, and supportive initiatives by the government authorities to improve immunization coverage will positively impact the vaccines industry landscape during the analysis period.
Vaccines are biological preparation that provides protection against infectious diseases and reduce the fatal effects. It develops active acquired immunity that helps to stimulate individuals’ immune response to disease-causing pathogens. For past years, vaccines have been successfully used in the prevention and treatment of several infectious diseases including measles, small-pox, and polio.
COVID-19 Impact
The incidence of coronavirus infection has affected millions of individuals worldwide, that has created the significant demand for vaccines. Leading operational players were undertaking R&D activities for the development of highly effective preventive vaccines that has resulted in launch of several new products in the market. Some of the commercialized products include Comirnaty by Pfizer/BioNTech, spikevax by Moderna, vaxzevria by AstraZeneca and Covishield by SII among others. These companies collaborated with respective government as well as non-profit organizations to expand distribution capabilities and cater huge population base. With increasing rate of infection, the market players witnessed remarkable product demand, thereby benefiting their business growth amid the pandemic. Further, favourable regulatory support to develop and commercialize vaccines in short period benefited the market trends.
Vaccines Market Analysis
Vaccines market, by age group is segmented into pediatric and adult. The pediatric vaccines segment is projected to progress at 7.3% CAGR from 2022 to 2028. The segment growth is attributable to increasing immunization coverage of pediatric vaccines with various supportive programs across the developing nations. This population group is highly susceptible to various infectious diseases due to undeveloped immunity system.
Further, higher recommendation for some pediatric vaccines to avoid the risk of severe conditions in later stage will fuel the segment demand. According to the recent immunization statistics, the vaccination coverage of first dose of diphtheria, tetanus, and pertussis (DTP) in children was accounted 90% in 2018. Thus, the awareness regarding the importance of vaccination among parents that offers long-term immunity against various pathogens to children will drive the segment revenue.
The disease segment of vaccines market is classified into cancer, influenza, hepatitis, pneumococcal disease, human papilloma virus, DTP, meningococcal disease, polio, rotavirus, COVID-19 and others. Upsurge in the number of patients with COVID-19 infection will lead to the escalating demand for vaccines. The COVID-19 market dominated the vaccines industry with more than 60% revenue share in 2021. More than 13,000 million doses were delivered across the globe throughout the year with various channels and collaborative agreements. High mortality rate associated with the infection led to population preference for vaccination, thereby significantly influencing the vaccines demand during the period.
Further, compulsion of COVID-19 vaccination while travelling to other areas, visiting social places or international visits, by the government stimulated the vaccination rate, thereby escalating the revenue growth. Moreover, the need for booster doses to offer continued immunity against this life-threatening infection will lead to COVID-19 vaccines demand for next few years.
The market by technology is categorized into conjugate, live, inactivated, recombinant, toxoid, and others. Conjugate vaccines segment exceeded USD 18.5 billion in 2021 and is forecast to experience a significant revenue growth during the analysis timeframe. The segment growth is primarily attributed to advantages of conjugate vaccines including T cell-dependent immune response. The conjugate vaccines offer long lasting immunity, improved memory and immune response, protection to toddlers and infants along with heard immunity. Therefore, with enhancements in vaccine technologies, the segment is anticipated to witness robust growth in the upcoming period.
North America market held over 20% revenue share in 2021 and is projected to experience remarkable growth during the foreseeable future. Favourable government initiatives and expanding vaccination coverage will offer growth opportunities to the market. Furthermore, increasing awareness about preventable medicines, accessibility and presence of major market players will impel the regional market forecasts.
U.S. market dominated the North America vaccines industry in 2021 with significant demand for COVID-19 vaccines. Increase in number of patients with COVID-19 infection and related causalities has strengthened the growth potential of market players operating in the country. The government is also collaborating with these market players for the development, production, and supply of vaccines. For instance, the U.S. Government signed supply agreement with Moderna for mRNA covid-19 vaccine candidate. Thus, the exponential demand for COVID-19 vaccines and rapid development activities for speedy market entry will ultimately influence the regional market statistics in the foreseeable future.
Vaccines Market Share
Some of the prominent business players operating in the vaccines industry include:
These market players are adopting various inorganic growth strategies to gain market share and sustainable competitive advantage.
Some of the recent industry developments:
The vaccines market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, for the following segments:
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By Age Group
By Disease
By Technology
The above information is provided for the following regions and countries: